Research On Government Subsidies, R&D Investment And Corporate Performance Of Manufacturing Enterprise

In terms of technological innovation,manufacturing industry is the main carrier,but the R& D enthusiasm of China ’s manufacturing enterprises has not been high.In order to effectively alleviate and correct the externalities of R & D activities and stimulate enterprises ’ enthusiasm for R & D innovation,government departments provide certain subsidies for R & D projects.However,it is not known whether government subsidies really play a positive role in promoting the development of enterprises in practice.In addition,when the nature,industry and monopoly characteristics of enterprises are different,whether there are significant differences in the role of government subsidies on them,and whether government departments need to consider these factors when subsidizing enterprises,all need to be further explored.Based on this,this paper studies the relevant literature at home and abroad,and combines the externality theory,signal transmission theory and technological innovation theory to theoretically analyze the influence mechanism between government subsidies,R & D investment and enterprise performance.Then,based on the relevant data of manufacturing listed companies in Shanghai and Shenzhen A-shares from 2017 to 2021 and the financial data of BYD,this paper explores the impact of government subsidies on R & D investment and enterprise performance and the role of R & D investment in the impact of government subsidies on enterprise performance,and further analyzes the impact of government subsidies on enterprise performance according to the nature of property rights,industry types and monopoly characteristics.The results show that :(1)government subsidies for manufacturing enterprises contribute to the increase of R & D investment;secondly,government subsidies can promote the performance of manufacturing enterprises to a certain extent,but in state-owned enterprises and monopoly enterprises,the significance is relatively low.For high-tech industries,although the effect is significant,there is still room for improvement compared with low-tech industries.(3)R & D investment in the manufacturing industry plays an intermediary role in the impact of government subsidies on corporate performance.Government subsidies can effectively promote the R & D investment of manufacturing enterprises.Technological innovation of enterprises brings about the optimization and upgrading of products,which is conducive to the expansion of market share and the improvement of enterprise performance.Finally,based on the above conclusions,this paper puts forward the following targeted suggestions : the government needs to pay attention to the funding of non-state-owned enterprises,nonmonopoly enterprises and high-tech enterprises,adjust and improve the evaluation system of government subsidies,and also strengthen the supervision of subsidies.Manufacturing enterprises need to improve the efficiency of government subsidy utilization,continuous technological innovation,and make preparations for subsidy decline to enhance the ability to raise funds through multiple channels.